Rugby star Tim Lacey tries for sevens league

Player turned banker close to clinching £1m working capital and deal with broadcaster

A FORMER rugby player turned investment banker is trying to raise financial backing to help launch a rugby sevens league and turn the sport into a global money-spinner.

Tim Lacey, who played for Gloucester before embarking on a career in the City, is closing in on a deal to raise up to £1m to provide working capital to get the new league up and running. He then plans to seek further funding from private-equity investors in the latter part of this year.

Lacey's company, Ultimate Rugby Sevens, recently announced plans for the league to be played in the UK this summer. It has secured approval from the RFU, the governing body of English rugby, which marks the first time a formal league for the sevens version of the game has been established in the UK. The series will feature 10 teams, with matches being staged across four separate tournaments.